Aurora-based bank completes merger with Denver-based Centennial Bank

DENVER BUSINESS JOURNAL - The merger between two metro Denver banks is official.

Denver-based Centennial Bank and Trust, a wholly-owned subsidiary of Iowa-based Heartland Financial USA, Inc. (Nasdaq: HTLF), has completed its acquisition of longtime Aurora-based Citywide Banks, a wholly-owned subsidiary of Citywide Banks of Colorado. The deal was announced in February.

Based on Heartland’s closing stock price of $47.45 per share as of July 7, 2017, the aggregate merger consideration is valued at approximately $211.2 million. The merger consideration is approximately $216.75 per share of Citywide common stock, with Citywide shareholders receiving $60.16 in cash and 3.30 shares of Heartland common stock for each share of Citywide common stock, subject to certain “hold-back” provisions of the merger agreement between Heartland and Citywide relating to the cash portion of the merger consideration, Heartland announced.

Heartland expects the transaction to be accretive to earnings per share in the first full year following systems integration, which is planned for the fourth quarter of 2017.